Blockchain is not just about Cryptocurrencies!

Yes, you heard that right. Blockchain is not just about cryptocurrencies.(optional start, much more relevant for the youtube video!) Landed to this write up, wondering, “what else can blockchain possibly do?” Well, while the entire world is busy viewing and exploring blockchain as the backbone of cryptocurrencies, the tech community went a step ahead and started finding out other interesting things that can be done with Blockchain Technology.

Blockchain is one of the stellar technologies that is an open source digital ledger and has immense potential of boldly transforming the entire world. We have put on our tech glasses and tried to come up with some innovative ways to apply the technology to the real world.

Shows like Shark Tank have become a huge success and it is clearly evident as entrepreneurship has now become a dinner table conversation. With the advancement of entrepreneurial ecosystem, the need of the hour is to get the ideas patented for safeguarding your invention. Patenting is just one interesting thing you can do using blockchain technology. What we could think of has been mentioned in the list below:

Personal identification

Imagine that you have the ability to prove your Identity by simply your thumb impression and your mobile device, without having to reveal your date of birth. Sounds impossible? Well, not difficult to achieve using blockchain.

Blockchain has the potential of merging all sources of identity into one open source record. Blockchain would make it secure and transparent, thereby reducing theft and loss of documentation. It would achieve this without hampering an individual's identity.

Banking

Banking is one of the foremost industry we could think of while exploring blockchain technology. With incorporation of the blockchain technology in the banking sector, multiple challenges can be overcome. Getting rid of the intermediaries will make the entire sector work in an efficient manner.
The digital assets can be transferred directly, without any third party intermediation. It will not only increase the speed of transactions but also have an added layer of security. Blockchain will make banking more inclusive.

Food supply Chain Management

There is a huge potential for blockchain in the food supply chain industry. The two major challenges that revolve around traceability and product authenticity can be overcome by incorporating blockchain technology.
This will not only increase efficiency of the entire supply chain, but also increase the profits, increase food safety and help deliver fresher produce.

Health care industry

In the health care sector, the patient records needs to be shared across multiple entities. The traditional system is not only slow but also opaque and chaotic. If we use blockchain, it would be much more transparent and cheaper to share the data.

Art Industry

Too many people have to give up on their dream of an artistic career due to the lack of money making opportunities. If a job doesn't enable you to pay your bills, it wouldn't feel right to continue. Moreover, the social media algorithms don't seem to work in favour of the upcoming artists.
But with blockchain, artists can monetize their work way better, without any intermediaries. One of the recent example being NFTs or non-fungible tokens.

Stock trading

Blockchain can be used in financial trading to record transactions and data. This will increase the efficiency and security by achieving greater level of transparency.

Elections (optional)

To represent a democracy is a challenge if the citizens do not have faith in the voting system. Digitalization of voting by incorporating blockchain technology has the potential to put hacker’s risk of data manipulation to rest. Blockchain can be used to encrypt the voting system for achieving the aim of conducting transparent and secure elections.

Patenting

Against the standard belief, blockchain can be applied to patent inventions that provide real world solutions. This can be done by
1) Storing the information and documents of a patent of any product.
2) The patent of the product can then be added to blockchain which is solely dedicated to patenting. This way, we will have a universal library and thereby ensure that the idea remains safe, since no one can copy the idea.

This is an excellent way to achieve a greater level of efficiency, transparency, security and sense of ownership.The complete potential of this area is yet to be explored. Although there are already hundreds of blockchain games active, yet the true potential stands unexplored. Blockchain Technology is transforming the gaming industry where precision and preparation are rewarded. Blockchain Technology is still setting its foot. It has immense potential to transform the industries, globally.
These were some of the most innovative ways we could think of, where blockchain can be incorporated. If you have something else to offer, feel free to make a contribution in the comment section below. To learn more about blockchain technologies, subscribe to our newsletter. The decentralized system of blockchain technology will make sure the game is not owned and controlled by a central authority. There are myriad of games where users possess digital assets and game objects. Blockchain has the potential to change the way in which games will be created, managed and played in the future.